This blog descibes about the SBI, it helps the viewers to known about my views about recent actions taken in the SBI, i will update some question papers for sbi staff selection exams, the new ATM centers arrival and some interesting facts about the SBI

Counter

Sunday, September 28, 2008

MULTI OPTION DEPOSIT ACCOUNT

The Multi Option Deposit (MOD) Account is a combination of Savings Bank or Current Account with Term/ Special Term Deposit Accounts, so that one can securely write cheques upto the balance in the MOD account or upto the drawing power available as overdraft in the Current account.Withdrawals through ATMs can also be conveniently made.

Exclusive Features:

Complete Liquidity : Convenience of Overdraft.Earns a higher rate of interest on your deposit, without the dilemma of locking it for a long period.At the time of need for funds, withdrawals can be made in units of Rs.1,000/- from the Deposits by issuing a cheque from Savings Bank Account or through overdraft facility from Current account.

Flexibility in period of Term Deposit from 1 year to 5 years.You can open a MOD account with SBI for a minimum amount of Rs. 10,000/- only.MOD Scheme is available at all SBI Branches.Easy and convenient access of 24X7 information at SBI Internet Banking

Nomination Facility - Available.

Tax Implications : Tax Deductible at Source as applicable to Term Deposits/ Special Term Deposits.

Automatic Renewals : As applicable to Term Deposits/ Special Term Deposits.

Premature Withdrawal : As applicable to Term Deposits/ Special Term Deposits.Regular Updates : A quarterly statement showing the value of the deposits including interest, is issued.

I have a savings account if via internet banking I open MOD account via my current login (there is such an option to open MOD account) then do I have to collect any paper work from bank , since it seems to be a new and different account does that mean there will be a separate ATM card, passbook and other things for MOD account.